Reuters: OPEC Production Falls To 13-Month Low

OPEC’s oil production dropped in May by 70,000 bpd to 32.00 million bpd on the back of outages in Nigeria and a continuous decline in Venezuela that dragged the cartel’s total production to the lowest level since April 2017, according to the monthly Reuters survey . The largest fall in production was registered in Nigeria, according to the survey based on shipping data from external sources, Thomson Reuters flows data, and information provided by sources at OPEC and oil and consulting firms. Nigeria’s production dropped to 1.85 million bpd in May from 1.94 million bpd in April, the Reuters survey found. Nigeria has been struggling with unplanned shutdowns of pipeline flows this month, and loading of the Forcados grade is being delayed. The second-largest fall in May came from Venezuela, whose production declined to 1.45 million bpd from 1.50 million bpd, compared to the implied target of 1.972 million […]